As an employer, income tax and National Insurance contributions (NICs) are required to be deducted from your employees' pay. These deductions (which includes the employers NI contributions) are required to be paid over to HM Revenue & Customs monthly.

Value Added Tax, or VAT, is a tax that applies to most business transactions involving the transfer of goods or services. Once your business turnover reaches a certain level, (prescribed each year by the Chancellor) you will have to register for VAT. This means that whenever you buy or sell anything in the course of your business, you will have to charge VAT on your sales, unless your business product or service is exempt,keep proper VAT records on your incoming and outgoing transactions and pay VAT to HM Revenue & Customs (HMRC). The payments can be paid over monthly or quarterly, dependent on the arrangements in place with HMRC.

Since the Enterprise Act of 2002 came into effect in 2003, HM Revenue and Customs no longer have preferential status when a business enters an insolvency procedure. However, this does not mean that they will not act quickly to recover the outstanding debts.Failure to submit the required returns and payments can lead to legal proceedings being implemented against you by the Crown. This can involve the use of bailiffs, County Court Judgments (CCJs) or the presentation of a winding up petition or bankruptcy petition against you – something that you must try and avoid as soon as possible

Should you have VAT and PAYE arrears, ignoring them and waiting for the inevitable should not be an option. Neither should insolvency, Contacting Capital Business Finance early will provide immediate relief and allow you to maintain control of your business.

Enquire about help with – We will not request full details until we have contacted you with the best UK quote for overdue VAT / PAYE / NI, so please give us a name and contact telephone number and we will have one of our HMRC Specialists contact you in confidence.